For Many, Rainy Day Funds Would Run Dry Quickly

If they lost their job, more than a third (34%) of those participating in a recent poll said their rainy day fund would last a week or less.

According to a news release about its recent survey, only 20% of respondents indicated they could live on funds in their savings for six months. The job Web site noted that most financial advisers recommend having six months worth of savings in case of emergency.

Other responses to a question about the size of respondents’ emergency savings (without employer severance) included:

  • two to four weeks: 16%
  • one to two months: 16%
  • three to five months: 14%.

More than 16,000 Web site visitors participated in the poll between July 6 and 13.